Monica Gangar – What’s a Financial Statement? Published July 22, 2025.
A vast majority of family law matters have some sort of financial component to them – usually in the form of child support claims, spousal support claims, or property division. So how does a person show the court what their income is and what their financial need is? You do it by submitting a Financial Statement!
It is very important that you fill out the Financial Statement honestly, completely, and with the most up-to-date information reasonably available to you. Otherwise, the court can order that more information be provided, can impute your income for support purposes, require a party to give security (e.g. a revokable deposit of money held by the court), or levy fines.
If your matter is in Provincial Court, you will need to use the Form 4 Financial Statement, which can be found on the Provincial family forms website.
If your matter is in Supreme Court, you will need to use the Form F8 Financial Statement, which can be found on the Supreme Court Family Rules forms website.
A Financial Statement usually is made up of the following:
- Completed Financial Statement Document
You can think of your Financial Statement as your financial affidavit – a sworn document detailing your financial information. Here, you will list your income, your monthly and yearly expenses, your debts, your assets, and any s.7 expenses (extra and special expenses not covered by child support) for children. You may also need to list the income of other people in your household. If you have an undue hardship claim, there is also a section in the financial statement where you can provide details of your financial hardship.
- Income
You will need to provide proof of income, whether it is from employment, pension, social assistance, dividends from shares in a business or otherwise.
If your income is from employment, you will need to provide your last three paystubs. If you have multiple employers, you will need to provide them from each employer.
If you receive social assistance, you will need to provide a Confirmation of Assistance document. You need to provide an up-to-date slip. You should connect with your local Ministry office if you do not know where to find this document.
If you do not have an employer and are self-employed or own a corporation, you will also need to provide the last three years of corporate tax returns and corporate financial statements.
In any event, you will need to provide your last three years of tax returns in full: your T1 General, Notices of Assessment or Reassessment, along with any accompanying slips (ie. T4 employment slips).
- Expenses
You will need to provide an estimate on what your monthly and yearly expenses will be. An expense is an amount of money that you spend on something. For example, if you rent, you will need to provide the amount for your rent payment, an amount if you pay for utilities (if applicable), and an amount for renter’s insurance (if applicable).
You may be asked to provide the court with proof of an amount or breakdown of how you came to an estimate. It is a good idea to keep a record of how you calculated any amounts.
- Assets & Debts
You will need to provide a list of your assets. An asset is something that has value that you own or that belongs to you. You will need to provide a brief description of the asset and the current value of it. For example, if you own your car, you will need to list the make and model of it (ie. 2023 Honda Civic LX). Even if the value of the asset is small, such as a small amount of money kept in a bank account, you should still identify it and list it.
You will also need to provide an estimate of any outstanding debts. A debt is an amount that you owe someone that you have a duty to pay. You need to list the creditor (ie. bank, company, or person), the reason for borrowing (ie. mortgage, car loan, for school), and the latest up-to-date balance owing. For example, if you took a personal loan from a friend, you will need to write the person’s name as a creditor and the reason for the loan. You may be asked to provide the court with proof of the debt.
So how can you make drafting your Financial Statement easier?
- Stay Organized
It can be difficult to get your Financial Statement filed if you can’t find your documents. Designate a folder (physical or electronic) to hold your important financial documents. Make sure you keep in a safe space.
- File Your Taxes
Completing a Financial Statement is going to be difficult to do if you haven’t filed your taxes. Whether you use an accountant or use an online software, ensure that you file your taxes on time, and keep your tax returns together in one place. Consider signing up for the online myCRA account so you have online access to some of your tax documents.
- Connect with a Professional
If you have further questions or concerns, speak with Duty Counsel at the court house or a family lawyer.
Disclaimer – By contacting Portside Law Corporation through email, phone or direct message does not establish an attorney-client relationship. An attorney-client relationship is formed once both parties agree in writing to such a relationship. The information found in this document is of general nature and is not intended to be legal advice. Please contact our office to speak further about any particular legal question you may have.